Oman’s oldest tailor chain, Al Naamani has launched a P2P crowdfunding campaign with fintech entity EthisX, part of Ethis Group. The company hopes to raise 100,000 OMR ( Omani Riyals) equivalent to$ 259,700.
Ethis X helps digitally connect start-ups, funds and growth companies with corporate investors seeking to provide shariah compliant funding.
The project which will run for one year, plans to fund the expansion of Al Naamani’s business as well as purchase and import filament and spun fabric from Indonesia, Korea and Japan.
Al-Naamani recorded annual revenue of more than OMR 300K in 2021.
Mazin Humaid Khalfan Al Mahruqi, the CEO of Mazin Humaid Al Mahruqi Trading L.L.C stated, “EthisX has a flexible financing scheme that fits our business requirements. The team is incredibly sharp and analytical, and their due diligence and risk analysis process was thorough, particularly on the specificity required for each campaign. It is truly an honour to be the first campaign launched on the EthisX platform, and as a local company, I hope our campaign will resonate well with fellow Omani investors.”
Investors can participate with just 250 OMR, and gain an ROI ( Return on Investment) of 10 percent.
The first-of-its-kind cross-border Ethical Private Capital Marketplace, EthisX offers direct shariah-compliant investments into SME companies and special purpose vehicle (SPV) projects from around the globe. Approved by the Capital Market Authority (CMA), the Sultanate of Oman’s regulator and supervisor of the capital market and insurance sector, EthisX is managed by Ethis Investment Platform LLC based out of Muscat, the Sultanate of Oman, and in Kuala Lumpur, Malaysia.
Riza Ismail, Chief Operating Officer of EthisX adds, “For EthisX, we are fully focused on bringing in new sources of capital into Oman by tapping on local Omani investors but more importantly our global base of investors from more than 80 countries,” said
Dr Yousuf Hamed Al Balushi, the Chief Economist of the Oman Vision “The need for new sources of capital aligns with Oman vision 2040, which according 2040 taskforce, calls for a change in key elements and factors that determine the future growth of businesses in Oman, including capital, and this can be obtained from foreign direct investments and local private sources.”
